This invention relates to an apparatus and method of printing on a check, personal, or commercial, the exact face amount for which a check is written, and the printing being in magnetic ink, of the type required by the bank, for reading by the computers in the individuals bank. This exact amount is printed in the "amount" space, in the face area of the check, and, on the right hand bottom space, reserved for the banks personnel to stamp this check face amount, for purposes of the computers in the bank to electronically read the amount, and record the transaction on all of the banks accounts involved.
It has been customary for a customer of a bank to write a check in longhand, write the face value amount in longhand, and also print the amount in numbers in a box at the right side of the check. Now when the check is received by the bank, it is not ready for the computers in the bank to handle the check electronically. A department of employees in the bank are charged with comparing the written face amount on the check with the written digits in the amount box on the check, and make a determination as to the correctness of the face value amount of the check, and, when this determination has been made, and any anomalies eliminated, the bank employee sets the amount on a special machine, containing magnetic types of ink, inserts the check in the machine, and the machine stamps the amount in the bottom right hand space on the check. After this amount has been stamped on the check, in the space allotted, the check can now be inputted into the computer, and the transaction recorded, and proper adjustments made to all accounts involved in the transaction.
The person who originally wrote the check has no knowledge of the actual transactions until receiving their monthly bank statement, and, sometimes, the amount has been misread, or, mis-stamped, and, much time, and effort is required by all concerned, to correct the mistake.
Several approaches have been provided for aiding the writer of the check to insure that the correct amount is deducted from their account during these transactions. Wing, in U.S. Pat. No. 4,623,965 teaches a microprocessor for writing a check, and this device having a printer included in its casing. The device of Wing has several drawbacks, in that it must receive a certain size check, the printer may, or may not be capable of using the required magnetic ink, the numbers may, or may not be readable by the computers in the bank, and, the printing device is not adaptable to changes in number preparation, required by different banks. Also, the check preparer would be charged with remembering any bank coding required to be associated with the check face amount being printed on the bottom right hand space on the check.
Another approach is taught in U.S. Pat. No. 4,958,066, wherein a check is pre-printed with various information, and some of the information being covered by removable opaque material, only readable when the Writers code has been revealed, by removing the opaque material from the desired code numbers. This approach is more concerned with ATM type transactions, and, having no printer, is not adaptable to check writing transactions.
Still another approach is taught in the art of Bauer, in U.S. Pat. No. 4,455,100, wherein an elaborate printing device is taught, and, upon setting up the body of the check, and the checks being stored on a roll, in the innards of the device, and, after meticulously setting up the body of the check, the device is closed by force, thereby printing a check, in a mosaic letter, and number design, The problem with this approach is again, the unadaptability of the device for the different number designs required in the different banks, and, the different types of ink required, this difference stemming from the different type readers being used by different banks.